Merchant FAQs
Here are some of the frequently asked questions by merchants.
1. What Is FLEXXBUY?
Answer:
FLEXXBUY helps businesses increase revenue by providing them with a single-application, multiple-lender customer financing option that covers a broad range of consumers, regardless of credit. Thanks to its state-of-the-art technology and end-to-end support, FLEXXBUY gives businesses a solution that drives prospective customers and helps them make sales they would otherwise miss.
FLEXXBUY’s financing solutions allow customers across various credit tiers—from subprime to excellent—to find a financing option that works for them, thereby expanding a business’s potential customer base.
2. Is This for People with Bad Credit?
Answer:
People who use FLEXXBUY have all kinds of credit profiles. While some customers do have subprime credit, many have fair or better. Because FLEXXBUY has multiple lenders in its network, most applicants can find a program that fits their needs.
3. What Is the Approval Based On?
Answer:
Approvals depend on many factors, and each lender has its own process for assessing an applicant’s risk of default. While they recognize some applicants may have a higher risk, lenders look for signs of financial stability (e.g., income, credit behavior, etc.).
FLEXXBUY’s soft credit pull approach often means no hard inquiry on the applicant’s credit, so it’s usually risk-free to apply and see what options are available. Most applicants are able to find a match among the broad array of lenders.
4. If the Customer Can Get Money Another Way, Should They Still Use the Program Offered by FLEXXBUY?
Answer:
Everyone’s situation is different, and each customer should weigh their own options. Because FLEXXBUY primarily uses soft credit pulls, applying is risk-free to see what rates/terms are offered. Customers who have other, more favorable options might choose those instead. However, many people prefer to use customer financing to free up other resources and possibly improve their credit scores compared to using a credit card.
Additionally, there’s no prepayment penalty on FLEXXBUY loans, so a customer can pay off the balance early if they wish.
5. Is the Customer Guaranteed to Be Approved?
Answer:
No single lender can guarantee approval for every situation. Our overall approval rate is 65% and the average amount funded is $12,500.
6. How Is This Program Different from Traditional Financing Options?
Answer:
FLEXXBUY’s “secret sauce” is its single application, many lenders approach, along with the large number of lenders in its platform. Traditional financing might rely on one lender with strict criteria, but FLEXXBUY can often provide solutions for businesses that other lenders would turn down due to factors like time in business, revenue, location, or industry type.
Businesses considered “high risk” can also benefit from FLEXXBUY’s Buy Now, Pay Later customer financing solutions. This flexibility opens doors to more customers who might otherwise be denied.
7. Is There a Minimum and Maximum Amount That Can Be Financed?
Answer:
Yes, each program has its own range. FLEXXBUY can accommodate as little as $1,000 dollars up to $100,000 (sometimes more). Your FLEXXBUY representative will customize a package that best fits your business needs.
8. How Long Does It Take to Get an Approval?
Answer:
All of FLEXXBUY’s programs provide pre-approved decisions in a matter of seconds. Some lenders may require a bit more review, but most customers see a near-instant approval or denial. Once a pre-approved offer is accepted, direct-to-consumer funding usually takes 1-3 days.
9. How Long Will the Customer Have to Pay Back the Loan?
Answer:
Depending on the specific program, repayment terms can range from 12 months up to 10 years. Each program or lender offers different options, so customers can choose the term that best fits their budget.
10. How Long Will It Take for My Business to Get Its Money?
Answer:
Typically, once the customer’s financing is approved and finalized, the business will be paid by the customer within 1 to 3 business days.
11. What Will It Cost My Business?
Answer:
FLEXXBUY charges a one-time $399 platform setup fee. This is paid back to the business after the first $40k in funded transactions.
A 4.9% funding fee is charged on each transaction.
12. My Business Already Offers Financing Options. Do I Still Need FLEXXBUY?
Answer:
Probably, and here’s why: FLEXXBUY can replace or supplement existing financing. Traditional credit-based financing often turns down a high percentage of applicants. FLEXXBUY can approve many consumers who are declined elsewhere—especially subprime customers. Plus, there are people who avoid a business altogether if they assume their credit won’t qualify. FLEXXBUY’s flexible financing is a low-risk alternative that can drive more people to your business.
13. What Are the Qualifying Criteria for a Merchant/Business to Offer FLEXXBUY?
Answer:
Most businesses can qualify for at least one of FLEXXBUY’s programs. However, there are some restricted business types (e.g., certain industries or higher-risk activities). If your business type is ineligible or restricted, FLEXXBUY will let you know upfront.
The only restricted business type is weapons sales.
14. What Happens if My Customer Defaults on Their Loan?
Answer:
All FLEXXBUY programs are non-recourse for the business regarding missed payments or defaults. Once you’ve been funded, you keep those funds—even if the customer later fails to make payments.
15. How Do We Get Started with FLEXXBUY?
Answer:
Merchants can start the enrollment process here: https://flexxbuy.com/flexxbuy-consumer-financing-overview-2-5/Once payment is received, setup typically takes 1 business day or less.
16. Is There a Monthly Fee or Ongoing Cost?
Answer:
No. FLEXXBUY does not require a monthly or recurring fee simply to maintain an account.
However, we have an optional add-on service called 'Flexx Turbo" that costs $49/month. Merchants are given a free trial for 30 days that can be canceled at any time.
17. How Quickly Can I Start Using FLEXXBUY After Signing Up?
Answer:
Typically, you can begin offering financing to your customers as soon as your account is approved and the $399 setup fee is paid. Some merchants start using FLEXXBUY the same day. Full activation usually occurs within 1 business day.
18. How Does FLEXXBUY Handle Interest Rates for Customers?
Answer:
Interest rates depend on the specific financing plan, the customer’s credit profile, and the loan amount. Each lender has its own terms, so rates can vary. Typical APRs start at 6% and go up to the legal limit in the state where the applicant resides. Customers can compare terms from multiple lenders within FLEXXBUY’s platform.
19. Can I Offer FLEXXBUY in Multiple States or Countries?
Answer:
Flexxbuy can work with companies based anywhere in the world. However, the lenders on our platform can only approve applicants based inthe US and Canada, so they will need to have American or Canadian customers to qualify.